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Talk to this guy on r/bitcoin and said ETH was a scam.

Talk to this guy on r/bitcoin and said ETH was a scam.

Etherum Reddit

More / Etherum Reddit 17 Views

His reasoning is below. I am currently learning all I can about blockchain. I here very mixed things about eth and I am neutral to eth and all other protocols. Please let me know what you guys think about this mans reasoning. He was pretty adamant on how it was a scam. I honestly have no clue everyone says everyone elses thing is a scam or a piece of shit system so whats your opinions redditors?

" Not every altcoin is a scam but if I were you I would just focus on education and Bitcoin until you learn more because that one is indeed a scam. 1) Vitalik and many others in the Ethereum space are known scammers. Vitalik is not an idiot thus he should have known better than pitch something as ridiculous as quantum mining to potential investors. This is a snake oil salesman pitching technical nonsense to the credulous. http://www.newsbtc.com/2016/08/17/gregory-maxwell-vitalik-buterin-ran-quantum-computer-scam/ https://www.youtube.com/watch?v=DkUpZkeqhF4 https://medium.com/bitcoinerrorlog/vitaliks-quantum-quest-9e6af6570f23

2) ETH is an illegal security according to the Howey test with a premine of 72 million eths. They purposely misled investors by suggesting merely 12 million gifted premine ignoring the 60 million they sold. Misleading total supply graphs in their prospectus. This is a serious concern in light of Ripple getting sued by the SEC as being an illegal security which means in due time we should expect them to also go after ethereum developers and the ethereum foundation for creating an illegal security

3) Vitalik and many other have been falsely representing Ethereum and misleading others over and over again. example - pitching turing completeness as the valuable aspect of ETh , now pivoting away from that and saying it was never about turing completeness but "rich statefulness"

4) Ethereum is a pointless project that will lead to no efficiency because there is no censorship risk in code execution. If a project has no hope of ever creating an efficiency(like bitcoin has found with regulatory arbitrage) than every company and project will ultimately fail in its ecosystem. Are you trying to suggest that someday in the future there will be censorship risk in code execution? If not than what purpose does Ethereum solve if it comes with a horrible tradeoff of an extremely large attack surface and huge scaling problems?

5) Advertising immutability and unstoppable contracts that were than immediately reversed with multiple hard forks.

6) For goodness sake the inflation distribution rate or final algo is not even defined and people are investing in this. This is insane and basically amounts to faith in vitalik and his team, while at the same time newbs are misled into believing eth is decentralized.

7) Ethereum has already failed to scale as expected and so they are creating a whole new blockchain and starting from scratch soon. This second attempt won’t do any better than the first IMHO.

8) the fact that ethereum is switching over to staking rewards has serious tax implication in many countries where merely holding your eth unlike bitcoin being staked will expose you to taxes. Coinbase for example files 1099MISC for any staking over 600 usd a year to the IRS https://www.youtube.com/watch?v=wUUVlatCvp0 https://www.youtube.com/watch?v=mCiHTJRbIf4 https://www.youtube.com/watch?v=BgFXqVpGDNg https://medium.com/startup-grind/i-was-wrong-about-ethereum-804c9a906d36 https://old.reddit.com/r/EthereumScam/ https://www.youtube.com/watch?v=qxtVLjCxPDU Proof of stake as a whole is pointless, insecure, and will always trend to centralization Proof of stake game theory insures that those with the most coins will continue to collect the most fees , thus creating a vicious cycle of centralization where they continue to accrue more coins with 0 effort unlike with Proof of work where a meritocracy exists of those trying to be more efficient and miners are forced to sell most of their coins Ask yourself why metamask which is open source wallet was forced to ban certain people in certain countries recently while no open source bitcoin wallet needs to do that Its because ethereum is so centralized only a few companies can afford to run a full archival node(infura) which is necessary for metamask functionality and governments can target these single companies unlike bitcoin full nodes" - Quote by some user

submitted by /u/kaioken1986
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